NNPC to Now Sell Only Dangote Petrol, Marketers Confirm Fuel Price

• NNPC Limited has confirmed that it has ended the importation of petrol and now patronises Dangote Petroleum Refinery
• Mele Kyari believes that the shift away from imports will help reduce the pressure the naira faces on the forex exchange markets
• Aliko Dangote has always stressed that his $20 billion refinery can meet the petrol needs of Nigerians and that there is no need to import

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company (NNPC) Limited has announced that it has stopped importing refined petroleum products.

Mele Kyari, NNPC’s group chief executive officer, who disclosed this while speaking at the Nigerian Association of Petroleum Explorationists’ (NAPE) conference in Lagos, said that the company now source its fuel needs from the Dangote Petroleum Refinery and other domestic refineries.

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Kyari confirmed that NNPC has shifted away from importation and will source from local refiners, especially Dangote, according to BusinessDay reports.

His words:

“NNPC does not import any product; we are sourcing entirely from domestic refineries."

Addressing speculation that NNPC may be undermining the Dangote Refinery by refusing to sell crude in naira, Kyari dismissed the claims, stating,

“There is no sabotage. Buying and selling in naira versus dollars makes no difference to us.”

He stressed that this approach would reduce the strain on Nigeria's foreign exchange reserves and help curb inflation driven by fuel imports.

Dangote petrol price

Meanwhile, Punch reports that the Independent Petroleum Marketers Association of Nigeria has revealed that the price of petrol from the Dangote plant is N940/litre and N990/litre when purchased using ships and trucks, respectively.

IPMAN President Abubakar Garima said the retail pump prices of petrol at its retail outlets will drop following the agreement with the Dangote refinery to lift products directly from the plant.

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New fuel prices expected as marketers reach agreement with Dangote Refinery

Ghana proposes ECOWAS currency for Dangote petrol.

Meanwhile, Legit.ng earlier reported that Ghana hinted that African countries would agree on a common currency to buy Dangote petrol to dampen the demand for dollars.

The West African nation also expressed interest in buying petroleum products from the refinery once it operates at full capacity.

The head of the country's oil regulator said that patronising the Nigerian refinery would cut more expensive exports from Europe.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng